In today’s competitive landscape, organizations must optimize costs without sacrificing quality. However, identifying savings within a complex supplier network is challenging due to limited visibility, inefficient negotiations, and manual analysis.
Our AI-powered Savings feature helps uncover high-impact cost reductions by leveraging expert insights, key negotiation factors, and spend analysis—enabling you to prioritize and act on the most valuable savings initiatives.
💰 Realizing Savings: A Two-Part Approach
We split the challenge of realizing savings into two key parts:
1. You need to find out where to get started, and prioritize the opportunities with the biggest potential.
To solve this, we provide you with Discover Opportunities – an overview where you can discover automatically generated opportunities for savings, all including an estimation of how much that can be saved and which factors to use as negotiation leverage.
2. You need to have control over the process, with the most important information readily available.
For this purpose, we have Manage Initiatives – an interface for creating and managing initatives based on the opportunities you find. Used to keep track of realized savings, the initatives progress, and other relevant details.
Together, these two parts of the Savings feature streamline the journey from identifying opportunities to executing cost-saving initiatives efficiently.
If you want to see the basis of how the opportunities are calculated, click the title of the collapsable section below⬇️
📐How is the Estimated Savings Potential Calculated?
📐How is the Estimated Savings Potential Calculated?
We use three core components to calculate potential savings:
Key Negotiation Factors – We’ve developed a formula that combines essential negotiation elements such as spend growth, contract details, supplier profitability, and negotiation leverage.
Note: For factors related to supplier financial data, Ignite requires access to public financial records. Suppliers without available financial data will not appear in the opportunity list.
AI-Driven Industry Evaluation – Our AI assesses supplier industries, with manual validation to ensure accurate and actionable insights.
Your Spend Base with the Supplier – The most influential factor. Higher spend means greater savings potential, allowing the tool to prioritize high-impact opportunities.
Are you ready to start your savings journey?
Click the button below to learn about how to start using it!